Tuesday, April 24, 2012

New Home Sales Fell 7.1% in March

New home sales fell 7.1% in March to an annualized pace of 328,000 units. March’s decline is entirely due to a strong 13% upward revision in February’s pace from 313,000 units to 353,000. First quarter sales have risen 16% annualized from the fourth quarter’s pace.

Months of inventory ticked up in March due mostly to a lack of supply of new homes. This measure has remained below 6 months supply for the past five months.

New home prices were essentially unchanged in March at $237,600. This follows two months of strong new home price appreciation, 7.1% and 6.3% in February and January respectively.

Read the report.

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